I said agai and again that the funds we created to save the euro - both for Greece as well as for the aggregate euro rescue package - which expire in 2013, can in no case be just extended. That is why already today, one has to prepare and think about what we will be doing then. We agree that we need a rescue mechanism that is designed to be durable and qualitatively different. I think it's a very good signal that Germany and France have said jointly: for that, we need a treaty amendment, and this treaty amendment includes a mechanism in which the creditors, too, will participate financially in the solution of a difficult situation for the euro. This is a big step forward.

I failed to find the actual Deauville Declaration on the government site, but here is a copy of the German version, and here is the French Presidential office's English translation. The relevant part:

The amendment of the Treaties will be restricted to the following issues:

* The establishment of a permanent and robust framework to ensure orderly crisis management in the future, providing the necessary arrangements for an adequate participation of private creditors and allowing Member States to take appropriate coordinated measures to safeguard financial stability of the Euro area as a whole.

On the German government site, there is a copy of an op-ed for Handelsblatt by an advisor of the financial ministry (Schäuble), which comments the issue thusly:

Crucial to curbing the national debt is the participation of creditors in the costs of rehabilitating over-indebted countries, that is a working process for state insolvencies. The insolvency relates only to the servicing of public debt, not to other government activities, and does not include the selling off of state assets. That is, this is about something different from a private bankruptcy.

If such a process is reached, the EU sanctions against debt sinners are expendable if necessary. Countries threatened with over-indeptedness will be required to pay high interest rate surcharges earlier than previously and lose access to further loans. Exactly at this point is the statement of Merkel and Sarkozy going far beyond what the Van Rompuy Task Force has proposed. While the Task Force did not even mention creditor participation, it is now foreseen to introduce such a procedure as part of a treaty amendment...

Now the decisive issue is the way and method of the combination of the bankruptcy process and bailouts. Of foremost importance is the order. The participation of the creditor must appear at the beginning. This participation takes place mainly in the form of a "haircut", i.e. a sweeping reduction of claims. Only then can the country receive assistance. Under no circumstances may the aids be granted beforehand. Otherwise the danger exists that it will never come to the involvement of the private creditors and in the end the tax payers will pay the price of the rehabilitation.

This was not merely about early rollover but participation in a default, and an apparently mandatory one. So I would conclude that Merkel's March 2011 comments were probably motivated by the financial sphere's negative reaction to the Deauville proposal, saying "don't be scared, me and Sarko only proposed this for after 2013".